Texas Border Business
San Antonio, Texas — VBT Financial Corporation and its subsidiaries, Vantage Bank Texas and Inter National Bank, today announced the completion of their planned merger. The organizations expect to consolidate operations under the name Vantage Bank Texas, creating a community bank with $1.9 billion in total assets.
“We’re excited for the opportunity to combine Inter National Bank and Vantage Bank Texas,” said Jim Collins, trustee of the Collins Family Trusts, which own both banks. “We have long maintained that this merger creates substantial value for all of our customers and employees. Our customers will continue to enjoy the benefits of local decision making while gaining access to an expanded product set and the convenience of a larger branch network throughout Central and South Texas, and the border region.”
The bank prides itself on its culture and commitment to long-term relationships and extraordinary customer service. “Our goal is to remain a premier financial services organization while remaining a local, family-owned institution,” Collins said. “My family is focused on investing in and serving the communities where we live and work for many years to come.”
The Collins family’s commitment to community banking began over 50 years ago. In 1985, Collins and local McAllen businessmen founded Inter National Bank. The family extended its banking commitment to the San Antonio market with its 2008 investment in Vantage Bank Texas. In 2006 it sold INB to Grupo Financiero Banorte of Mexico but repurchased it in 2017, returning the bank to a founding owner.
“We are pleased with the prospect of blending the capabilities of Inter National Bank and Vantage Bank Texas,” CEO Sam Munafo said. “We will be one bank with one leadership team. We are excited to have made increased investments in our technology platform and in people and systems dedicated to customer service.”
After the December integration, the combined bank will expand its product offerings in San Antonio to include foreign exchange services and mortgage services.
Based on financial information as of Sept. 30, 2018, on a pro forma basis, the combined company will have $1.9 billion in total assets, $1.5 billion in net loans outstanding and $1.7 billion in deposits. The combined organization is expected to have a total of 24 full-service branches.
Stephens Inc. served as financial advisor and Covington & Burling LLP served as legal advisor in the transaction.
About VBT Financial Corporation
The holding company of the combined bank will be VBT Financial Corporation. Through its wholly-owned subsidiary, the bank provides a diversified range of commercial banking services in San Antonio, the Rio Grande Valley, Laredo, El Paso, Refugio, and Hondo. Vantage’s focus on local community banking was designed to foster strong customer relationships while benefitting from a forward-thinking technology platform and scale that enables the execution of premier customer service. Vantage Bank Texas and Inter National bank offices and services are expected to be integrated during December of 2018.
See the INB Merger Announcement Video here:
